BTCUSD has been in a downtrend essentially since bitcoin futures have started. As you can see by the downward channel from the 20k-17k peaks and the more short term channel from 17k-13k peaks. I personally think it will continue downward short term and touch long term uptrend at 9k and 7k. But on the off chance that it breaks above its short term downtrend, it could go and trade as high as 14k before continuing its downward trajectory. Anything higher than 14k could be a new bull market but this event is highly unlikely in the upcoming months
I saw and tend to agree with your falling wedge defined by the bottom green channel line and the thin black line. In the past, however, we haven't taken those wedges much farther into the compressed zone than we are now. Only concerning thing is falling volume from the low on 1/22-1/23 but RSI is rising in the same period.
MysteriousPersian
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@sn0wcrash, I Dont think it will breakout from that wedge for the reasons you've described plus some other factors
MysteriousPersian
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@sn0wcrash, Also just noticed that i accidentally wrote put this as a long idea when shorting is leading position